FHLB Advances And Other Debt

3 Months Ended

Mar. 31, 2020

FHLB Advances And Other Debt [Abstract]

NOTE 8 – FHLB ADVANCES AND OTHER DEBT

FHLB advances and other debt were as follows:


	Weighted
	Average Rate	March 31, 2020		December 31, 2019
FHLB fixed rate advances:
Maturities:
2020	1.98%	$	4,500	$	4,500
2021	1.63%		7,500		4,000
2022	1.16%		10,000		1,500
2023	0.92%		3,500		-
2024	1.90%		6,500		6,500
Total FHLB fixed rate advances			32,000		16,500

Variable rate other debt:
FRB primary credit line	0.25%		15,000		-
Commercial line of credit	1.10%		5,000		-
Holding Company credit facility	5.50%		9,875		5,000
Warehouse facility	4.00%		20,719		7,517
Total variable rate other debt			50,594		12,517
Total		$	82,594	$	29,017

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances.

The Holding Company had an existing credit facility with a third-party bank which was modified to a $10,000 revolving line-of-credit in December 2018. In December 2019, the $5,000 outstanding balance on the existing line-of-credit was converted to a $5,000 term loan with an additional $10,000 revolving line-of-credit. The new term loan requires quarterly principal payments of $125 plus accrued interest. Any remaining principal is due and payable on the maturity date, which is December 23, 2022. Loans under the credit facility bear interest at a rate equal to the Prime Rate plus 0.75%. The purpose of the credit facility is to provide an additional source of liquidity for the Holding Company and to provide funds for the Holding Company to downstream as additional capital to CFBank to support growth. As of March 31, 2020, the Company had an outstanding balance of $4,875 on the term loan and a $5,000 outstanding balance on the revolving line-of-credit. At December 31, 2019, the term loan had an outstanding balance of $5,000 and no outstanding balance on the credit facility.

At March 31, 2020, CFBank had $8,000 of availability in an unused line of credit at a commercial bank. There were no outstanding borrowings on this line at March 31, 2020 and December 31, 2019. During the third quarter of 2019, CFBank added an additional $15,000 line of credit at another commercial bank. There was $5,000 in outstanding borrowings on this line of credit at March 31, 2020 and no outstanding borrowings at December 31, 2019. Interest on these lines accrue daily at a variable rate based on the commercial bank’s cost of funds and current market returns.

During the quarter ended March 31, 2020, the Bank took out a $15,000 short-term advance on the FRB line of credit in anticipation of certain funding needs at quarter end, related to loan demand and potential increases in loans held for sale, which remained outstanding at March 31, 2020.

During the fourth quarter of 2019, CFBank entered into a $25,000 warehouse facility with a commercial bank. The warehouse facility is used to periodically fund loans held for sale from the close (funding) date until they are sold in the secondary market. Borrowings on the facility bear interest at the greater of the 30-day LIBOR plus 2.00% or 4.00% and are secured by the specific loans that were funded. This warehouse facility had an outstanding balance of $20,719 at March 31, 2020 and an outstanding balance of $7,517 at December 31, 2019.